Finance Blog

Business Loans are a great funding option for SMEs to grow and expand. But getting a Business Loan is not as easy as it sounds. A Business Loan EMI calculator estimates EMIs accurately and facilitates timely payments. However, several factors come into play while determining loan eligibility. Here are a few factors that will increase the chances of getting a Business Loan: Income: Lending institutions consider the applicant's annual turnover while evaluating loan applications. They determine the repayment capacity based on this parameter. Those with a low income are likely to default on loans. Therefore, they have a higher chance of getting their loan rejected. To overcome this, include all income sources in the application, and find additional income through rent, investment, part-time jobs, or other sources. Financial Obligations: When the loan provider receives a loan application, it investigates the applicant's income and current financial obligations. If the individual i...

Life is full of surprises, and when there is an urgent cash requirement, it's imperative to know how long it takes for a loan to get approved. Many technologically-advanced NBFCs claim to offer instant loans in minutes. However, is it an instant Personal Loan online? Here, find information about what to expect after applying for a loan and how long the process takes. Application Time: With several financial institutions supporting 100% digital loan procedures, applying for a Personal Loan takes not more than a few minutes. The applicants must provide basic information, such as their KYC details and income and employment-related information. They also submit the required documents to support their information. Based on the details and documents, they get a preliminary loan offer with a loan amount and interest rate. If the applicant accepts the offer and decides to move forward, the loan providers verify the details and evaluate the application. Approval Time: Online lending insti...